This report is read as follows:

The company has ploughed the construction of wisdom hospital for many years, and cut into the new medical field; at present, the country strongly advocates the signing of family doctors and the construction of ICU, the demand shows explosive growth, and the company is expected to benefit both.

Main points of investment:

For the first time, it will be given a rating of "increasing holdings", with a target price of 8.44 yuan. It is estimated that the operating income of the company from 2022 to 2024 is 46.88 billion yuan, the net profit is 2.42,3.49 and 458 million yuan respectively, and the EPS is 0.13,0.18,0.24 yuan respectively. As the leading service provider of Internet of things products and solutions in China, the company gives the target price 8.44 yuan according to the valuation of PE and PS, covering and "increasing" the rating for the first time.

The company is rooted in the field of the Internet of things, deeply empowering intelligent hospitals, buildings and other fields. The company is a leading service provider of Internet of things products and solutions in China, with products covering smart hospitals, buildings, data centers and other fields. In recent years, the company has actively arranged ICU, operating room, family doctor, Internet medical treatment and other fields in the medical field, forming a competitive advantage.

Policy catalysis, the development of Internet medical treatment into the "fast lane". With the introduction of the new epidemic prevention policy, all provinces and cities have stepped up the advocacy of Internet medical care and family doctors to encourage citizens to adopt Internet hospitals non-urgently, and the demand for online diagnosis and treatment has experienced explosive growth. with the encouragement of national policies and the growing online demand, Internet medical care has ushered in a shot in the arm. Through cooperation with Tencent, the company has actively built a smart medical benchmark. At present, one-stop medical services have been landed.

ICU bed construction ushered in a deterministic demand, the company has significant advantages. The policy clearly proposes to speed up the construction of ICU, and previously also put forward the requirement of the proportion of ICU beds. The company has ploughed the hospital specialist information software field for many years, covering clean operation department, ICU, etc., and has more than 700 hospital customers; in November, it won a large order of 100 million yuan to verify the company's strength again.

Risk hint. Policy promotion is not as expected; project implementation is not as expected; Internet medical business expansion is not as expected; market competition aggravates risks.